How can I use my HSA for medical expenses?

How can I use my HSA for medical expenses?

You can use your Health Savings Account (HSA) to pay for qualified medical expenses tax-free. This includes things like doctor visits, prescriptions, and certain over-the-counter medications.

What qualifies as a medical expense?

Qualified medical expenses include costs for diagnosis, cure, mitigation, treatment, or prevention of disease. This can cover things like hospital services, dental care, and vision care.

Are there any penalties for using HSA funds for non-medical expenses?

Yes, if you use HSA funds for non-qualified expenses before age 65, you'll face a 20% penalty plus income tax on the amount.

Can I use my HSA for my family's medical expenses?

Absolutely! You can use your HSA to pay for qualified medical expenses for yourself, your spouse, and your dependents.